Hastings posted on his personal Facebook page that Netflix subscribers had surpassed 1 billion hours of watching per month. (They now watch 1 billion hours of content per week.) His post sent the stock soaring, and Netflix had not reported the milestone through a traditional press release. The outcry compelled the SEC Division of Enforcement to review the situation and issue guidance.

The SEC ultimately did not take enforcement action against Hastings because it decided that, “companies can use social media outlets like Facebook and Twitter to announce key information in compliance with Regulation Fair Disclosure (Regulation FD) so long as investors have been alerted about which social media will be used to disseminate such information.”

So, what does that mean for Tesla?

For starters, any Tesla shareholder at this point knows to watch Elon Musk’s Twitter account closely. Musk, more than any other CEO, is extremely candid and outspoken (often to his detriment) on his Twitter account, often using it for thinking aloud. (He has also called Twitter a “meme war land.”) On the other hand, common sense awareness that Musk might tweet his thoughts about Tesla is not the same as Tesla noting that Musk might use his Twitter account to announce material news about the company.

Based on the SEC’s thinking about Hastings, all other things being equal, it is unlikely to find wrongdoing with Musk’s tweet. As analyst Gene Munster of Loup Ventures writes, “We do not see any legal risk in disseminating material information on Twitter due to the Reed Hastings Rule.”

As for the separate question of the truth of Musk’s funding claim, six Tesla board members on Wednesday issued a statement saying that the board had met several times recently to discuss the idea. That at least backs up the premise that Musk’s tweet wasn’t careless, but he may still have to prove that he indeed had funding lined up before he sent the tweet.

If Tesla does go private, it is poised to be the biggest buyout in history. Some of the biggest shareholders who would stand to benefit include T. Rowe Price, Tencent, Blackrock, Vanguard and Morgan Stanley.